RappiPay managed to get the Colombian Financial Superintendence to give it the green light to start operating as a financial institution. This means that the virtual platform is authorized to offer a commercial portfolio of financial products and solutions to any citizen like any other fintech.
RappiPay, which was born in 2019 as an alternative for electronic deposits controlled by Rappi and Banco Davivienda, began operating as a payment gateway supported by the DaviPlata platform. The neobank is part of the nearly 200 startups belonging to the fintech ecosystem: a sector that in Colombia grew by 26% between 2020 and 2021, according to ValoraAnalitik.
“We achieved authorization from the Financial Superintendency in record time thanks to the high level of our team, which consolidates the experience of leading players in the financial sector around the world, and the constant dedication of resources, time and focus by our shareholders, Davivienda and Rappi,” comments Gabriel Migowski, CEO of RappiPay Colombia, who anticipates that virtual bank customers will be able to expect increasingly “more innovative, personalized and secure” products.
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The authorization for the diversification of RappiPay’s commercial portfolio will allow the entity to offer other products to manage and control the money of Rappi customers in a completely digital way, in addition to those that currently exist. Some of these services are sending and collecting money through the application, payment of public services or bills, access to a credit card without a RappiCard handling fee, or the possibility of making transfers to any bank in Colombia without commissions.
According to the same company, with the entry into operation of the platform as a financial entity, RappiPay will generate more than 400 direct jobs focused on young people interested in the creation of technological startups, which would follow a similar path to those of the 50 «personal bankers”, from different parts of the country, who already occupy relevant positions within the entity.